Private Advisor Group LLC Has $2.13 Million Holdings in Public Storage (NYSE:PSA)

Private Advisor Group LLC lifted its holdings in Public Storage (NYSE:PSA) by 13.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,849 shares of the real estate investment trust’s stock after purchasing an additional 688 shares during the period. Private Advisor Group LLC’s holdings in Public Storage were worth $2,128,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Brookstone Capital Management lifted its position in Public Storage by 3.4% during the 1st quarter. Brookstone Capital Management now owns 1,222 shares of the real estate investment trust’s stock worth $354,000 after acquiring an additional 40 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in Public Storage by 20.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 139,074 shares of the real estate investment trust’s stock worth $40,340,000 after acquiring an additional 23,531 shares during the last quarter. Norden Group LLC acquired a new position in Public Storage during the 1st quarter worth $1,548,000. First Trust Direct Indexing L.P. lifted its position in Public Storage by 25.6% during the 1st quarter. First Trust Direct Indexing L.P. now owns 3,058 shares of the real estate investment trust’s stock worth $887,000 after acquiring an additional 624 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC lifted its position in Public Storage by 3.5% during the 1st quarter. Legacy Wealth Asset Management LLC now owns 1,232 shares of the real estate investment trust’s stock worth $357,000 after acquiring an additional 42 shares during the last quarter. Institutional investors and hedge funds own 78.79% of the company’s stock.

Public Storage Stock Performance

NYSE PSA opened at $331.26 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 1.72. The stock has a market cap of $57.98 billion, a P/E ratio of 31.05, a PEG ratio of 4.74 and a beta of 0.68. Public Storage has a twelve month low of $233.18 and a twelve month high of $369.99. The company’s 50-day simple moving average is $347.97 and its 200 day simple moving average is $308.07.

Public Storage (NYSE:PSA) last issued its quarterly earnings data on Tuesday, July 30th. The real estate investment trust reported $2.66 earnings per share for the quarter, missing the consensus estimate of $4.20 by ($1.54). The firm had revenue of $921.70 million for the quarter, compared to the consensus estimate of $1.16 billion. Public Storage had a return on equity of 36.55% and a net margin of 44.88%. Public Storage’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the company posted $4.28 earnings per share. As a group, research analysts forecast that Public Storage will post 16.73 earnings per share for the current fiscal year.

Public Storage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a dividend of $3.00 per share. The ex-dividend date was Friday, September 13th. This represents a $12.00 annualized dividend and a yield of 3.62%. Public Storage’s dividend payout ratio is 112.46%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Wolfe Research raised shares of Public Storage to a “strong-buy” rating in a research report on Wednesday, September 4th. Scotiabank boosted their target price on shares of Public Storage from $308.00 to $339.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Evercore ISI dropped their price objective on shares of Public Storage from $343.00 to $338.00 and set an “in-line” rating on the stock in a report on Monday, October 14th. Bank of America downgraded shares of Public Storage from a “buy” rating to a “neutral” rating and set a $318.00 price objective on the stock. in a report on Monday, August 5th. Finally, Royal Bank of Canada began coverage on shares of Public Storage in a report on Tuesday, September 10th. They set a “sector perform” rating and a $358.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $341.43.

Public Storage Profile

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2023, we had: (i) interests in 3,044 self-storage facilities located in 40 states with approximately 218 million net rentable square feet in the United States and (ii) a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 275 self-storage facilities located in seven Western European nations with approximately 15 million net rentable square feet operated under the Shurgard brand.